The Grand Bahama Port Authority (GBPA) released a statement on Monday concerning the government’s letter demanding payment of over $300 million within 30 days.
The statement said, “the Grand Bahama Port Authority does not agree that it owes the sum of $357 million as claimed by the government of The Bahamas. We reject and will robustly defend against this claim which we firmly believe will be defeated. The city of Freeport, our licensees and the people of Grand Bahama can rest assured that Port Authority is determined to do everything in its power to protect our mutual interests. In the 70 years of the Hawksbill Creek Agreement through six government administrations no claim of this kind has ever been brought against the Port Authority and for very good reason. As such we believe it is important that the public understands why this is happening. This claim came on the heels of a recent proposal by government to purchase the Whole Port Group which owns the Port Authority from its current shareholders at a considerable discount, a proposal that was carefully considered in good faith but ultimately declined. Having been disappointed in its attempt to purchase the Port Group outright it appears the government is attempting to force its desired outcome by other means.”
The GBPA also lamented this move by the government saying that it can affect investor confidence at a time when the economy of Grand Bahama is being revitalized with $2 billion of investment in the pipeline.
